Common use of Excess Transactions Clause in Contracts

Excess Transactions. In accordance with federal law, if you have more than the allowable preauthorized transfers or preauthorized checks or drafts (for money market accounts) in any one period, your Account may be subject to closure by us and the funds placed in another account that you are eligible to maintain, or we may take away the transfer and draft capabilities of the account. In addition to the above preauthorized transfers, you may make unlimited withdrawals (payments directly to you or transfers of funds from your Account to any of your other deposit accounts or loan accounts with us), either in person at our locations, by mail, messenger, telephone (via check mailed to you), or use of an ATM card (if applicable). AUTHORIZED OVERDRAFT PRIVILEGE POLICY AND REGULATION D CHANGES. "It is the policy of our Bank to comply with applicable laws and regulations, and to conduct business in accordance with applicable safety and soundness standards." An insufficient balance may result from: A) the payment of checks, electronic funds transfers, or other withdrawal requests; B) payments authorized by you; C) the return, unpaid, of items deposited by you; D) the imposition of bank service charges; or E) the deposit of items which, according to the Bank's Funds Availability Policy, are treated as not yet "available" or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds. However, if your account has been open 30 days and maintained in good standing, defined as A) Making regular deposits sufficient to cover your transactions; B) Bringing the account to a positive balance every thirty (30) days or less; and C) There are no legal orders outstanding, we will approve your reasonable overdrafts as a non-contractual courtesy. Generally, we will not approve an overdraft for you in excess of $300.00 for "Easy Checking" accounts or $500.00 for other personal checking accounts. These limits include our Non-Sufficient Funds and/or Overdraft (NSF/OD) charge(s). We may refuse to pay an overdraft for you at any time, even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our NSF/OD charge(s) that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft shall be jointly and severally liable for such overdrafts plus our NSF/OD charge(s). Limitations: Available only to consumer accounts (excluding Money Market accounts) for personal and household use and we may limit the number of accounts eligible for Overdraft Privilege to one (1) account per household. Additionally, we reserve the right to not approve any overdrafts against your account until we can verify that your account is being maintained in good standing, as defined above.